Bitcoin (BTC), the world’s largest cryptocurrency, is surging, circumventing all obstacles and resistance on its way to breaking through the $37,000 price level. As sentiment in the cryptocurrency market turns bullish, the surge in Bitcoin prices has left crypto short traders bleeding. Coinglass data shows that over $95 million worth of liquidations were recorded in the past 24 hours.

Bitcoin price surge confuses bears

According to Coinglass, more than 64,000 traders were liquidated in the past day. The tracker recorded a total of about $200 million in liquidations. The single largest liquidation order was $14.76 million, executed on cryptocurrency exchange OKX.

It is worth noting that 81% of the $200 million in liquidated positions (worth about $162 million) were short positions. In the past 24 hours, $36 million worth of long positions were liquidated. This means that traders are betting on the market to continue to rise. At the same time, the bullish sentiment that broke out in the market has frustrated the expectations of the bears.

The global cryptocurrency market capitalization has risen by nearly 3% in the last day. The cumulative market capitalization is about $1.37 trillion. The surge was driven by Bitcoin's rise to the much-anticipated $37,000 level. The price of Bitcoin has risen by more than 4% in the past 24 hours. At press time, BTC is trading at $36,935, just below $37,000.

Will the BTC price rise?

Coinglass data shows that more than $96 million worth of Bitcoin long and short positions were liquidated in the past 24 hours. The data shows that 91% of the total liquidations registered, or about $87.3 million, were short positions. However, Bitcoin overturned the entire short pledge.

The U.S. Securities and Exchange Commission (SEC) is reportedly likely to approve all 12 pending BBitcoin spot exchange-traded fund (ETF) applications within the next eight days. Bitcoin’s recent rally has heightened expectations. Analysts say the commission has a potential approval “window” from November 9 to November 17, which includes Grayscale’s GBTC Trust conversion.

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Bitcoin Cash (BCH): The Cliff of Potential Rise

Bitcoin Cash (BCH) is currently at a crossroads, with its market behavior suggesting a potential upturn. The cryptocurrency has been on a sideways path, with price consolidation reflecting that the market is in recovery mode. The broader market rally, with Bitcoin notably reaching new highs, has laid a positive backdrop, but Bitcoin Cash (BCH) has been slow to capitalize on investor enthusiasm.

The asset has been trading in a price range of $211 to $274. The 10-day moving average of $242 and the 100-day moving average of $220 provide a snapshot of the market’s recent sentiment, with the former suggesting a short-term bullish bias and the latter a more cautious long-term outlook. The $113 and $177 support levels are key nodes, below which the market sentiment could turn bearish, while the $303 and $367 resistance levels are hurdles that Bitcoin Cash (BCH) needs to break to confirm a bullish trend.

Technical indicators show a bullish turn, with the potential to challenge the immediate resistance zone. If Bitcoin Cash (BCH) can sustain its momentum and break above the $250 mark, a rally to $300 is on the cards, in line with the recovery of the broader market and expectations for a Bitcoin spot ETF. However, a break below the 50-day moving average could see prices fall back to $200, highlighting the need for cautious optimism.

Filecoin (FIL): Breaking new ground

Filecoin (FIL) is at the forefront of innovation with the launch of Filstation, a desktop application that simplifies the mining process and allows users to earn Filecoin (FIL) by leveraging idle computer resources. This move aims to democratize access to Filecoin (FIL) mining, potentially increasing the network’s decentralization and total storage capacity.

Filecoin (FIL) is currently trading in a price range of $3.306 to $4.167, reflecting cautious optimism about its future. The 10-day moving average is $4.149 and the 100-day moving average is $3.532, which indicates bullish sentiment in the short term on the back of recent positive developments. The $1.922 and $2.783 support levels provide a safety net against market downturns, while the $4.505 and $5.366 resistance levels serve as benchmarks for Filecoin (FIL)’s upward trajectory.

The launch of Filstation is a game changer for Filecoin (FIL), potentially leading to a surge in network participation and token demand. Coupled with a 30% price increase over the past month and a positive outlook for network utilization, Filecoin (FIL) is poised for growth. If the momentum continues and a breakout above the $4.505 resistance level occurs, Filecoin (FIL) could target the $5.366 mark, with the potential for new highs if broader market conditions remain favorable.

Solana (SOL): Striving for a Breakthrough

Solana (SOL) has been in the spotlight with its price range fluctuating widely between $26.75 and $44.35. The asset’s 10-day moving average is $41.55, indicating short-term strength, while the 100-day moving average is $24.49, indicating a long-term steady uptrend, reflecting continued investor interest.

Solana (SOL)’s current valuation range shows strong trading dynamics, with the asset finding a solid support base at $15.05. This level is a critical juncture, below which assets have historically attracted buyers, reflecting a strong belief in their intrinsic value. On the way up, Solana (SOL) faces resistance at $50.27, a breakout of which could open the way for a more ambitious target of $67.87. More than just numerical thresholds, these resistance points represent investor sentiment and market acceptance.

The market is closely watching the continued transfer of FTX Solana, which adds a layer of complexity to the asset’s liquidity and potential price stability. If Solana (SOL) manages to break through this resistance level, it could face its next challenge at $67.87. Achieving this would not only demonstrate its market strength, but could also set a new precedent for its trading range.

As reported, Chainlink (LINK) has recently caught the market’s attention, gaining a commendable 26% in six days. This surge is reflected in its current price range, which fluctuates between $8.31 and $13.23. The asset’s 10-day moving average is currently at a healthy $12.48, indicating strong short-term bullish sentiment, while the 100-day moving average has risen to $7.80, indicating a long-term positive trend.

Chainlink (LINK) support and resistance levels are quite far from each other, with the first support level at $5.25, which shows that the price has a considerable cushion above the recent lowest price. The $15.09 and $20.01 resistance levels are the next targets for Chainlink (LINK) to test as it continues to gain momentum in the market.

Given recent performance and moving averages, Chainlink (LINK) appears to have the potential to approach and possibly breakout of the $15.09 resistance level. If market conditions remain favorable and buying pressure persists, Chainlink (LINK) may attempt to reach higher resistance levels at $20.01. However, the path to reach these levels may be subject to market scrutiny as each step forward requires sustained investor interest and market liquidity.

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